Rosstat recorded a 4% decline in GDP in the second quarter
The Ministry of Economy reported that in June, GDP fell by 4.9% compared to the same period last year.In general, the Russian economy shrank by 4% in the second quarter
According to preliminary estimates from Rosstat, Russia's gross domestic product for the second quarter of 2022 decreased by 4% compared to the same period last year.
“The index of the physical volume of gross domestic product in the second quarter of 2022 relative to the corresponding period of 2021, according to preliminary estimates, amounted to 96.0%,” the agency said in a statement received by RBC.
Rosstat clarified that this is a preliminary assessment, which was carried out "based on the production method."
“GDP calculated by the production method is the sum of the gross value added of all industries or institutional sectors at basic prices and net taxes on products,” Rosstat explained.
The publication of the first assessment of the indicators of the second quarter of 2022 is scheduled for September 9th.
The Ministry of Economy recorded a fall in GDP by 4.9% in June Economics
On July 27, the Ministry of Economy reported that in June Russia's GDP fell by 4.9% compared to the same period last year. In general, the Russian economy shrank by 4% in the second quarter, the ministry said at the time.
According to the agency, despite the decline in GDP, the performance of the extractive industry improved in June: mining increased by 2.7% (after a fall of 2.4% in May), the same applies to the performance of oil refining.
Of the key sectors of the economy, a strong decline was observed in wholesale trade (minus 18.3% yoy in June compared to minus 15.5% yoy a month earlier). The deterioration of the dynamics was also recorded in the volume of transport freight turnover (minus 5.8% yoy after a decrease of 1.7% in May).
The total turnover of retail trade, paid services and public catering in May-June, according to the ministry, decreased by 7% compared to last year, mainly due to a decrease in turnover in retail trade.